Fortress Investment Group LLC

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Fortress Investment Group LLC, the manager of $18 billion in hedge funds, will open a fund to invest in the Middle East and North Africa as countries in the region seek to reduce their dependence on the oil industry.

The Fortress MENA Fund LP will be managed by Philippe Peress and is set to begin trading by the end of September, according to marketing documents, which didn’t say how much money the company is seeking to raise. Peress, based in Geneva, has been a managing director and partner of the company’s Drawbridge Global Macro funds since 2003.

“Historically MENA was characterized by low investment rates relative to Asian peers,” New York-based Fortress said in the documents, a copy of which was obtained by Bloomberg News. “This is beginning to change as governments use petro-dollars to diversify the economies away from oil.”

Middle East economies, benefiting from oil prices that tripled in the past five years, will expand 9.2 percent in 2008 as revenue spurs spending on infrastructure such as airports and power plants, New York-based Morgan Stanley has forecast. That’s more than double the International Monetary Fund’s 4.8 percent global growth projection. Read more…

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Tags: Fortress Investment Group LLC, Fortress Investment Group, Fortress MENA Fund LLP, Fortress Investment Group Hedge Fund, Fortress Investment Group Fund, Hedge Funds Managed by Fortress Investment Group, USA, London, New York City

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